UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8‑K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 2, 2013
Active Power, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware
|
000-30939
|
74-2961657
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
2128 W. Braker Lane, BK12
Austin, Texas 78758
(Address of principal executive offices, including zip code)
(512) 836-6464
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b)
Resignation of J. Douglas Milner.
On July 2, 2013, J. Douglas Milner resigned as the President and Chief Executive Officer of Active Power, Inc. (the “Company”) effective July 29, 2013. Mr. Milner informed the Board that he has accepted an offer to pursue a new opportunity. On July 8, 2013, Mr. Milner resigned as a member of the Company’s Board of Directors (the “Board”) effective immediately.
(c)
Appointment of Ake Almgren as Interim President and Chief Executive Officer.
On July 5, 2013, the Board appointed Ake Almgren to serve as the interim Chief Executive Officer and President of the Company, upon the effectiveness of Mr. Milner’s resignation as the Company’s President and Chief Executive Officer.
Dr. Almgren, 67, has served as a member of the Board since March 2004 and as Chairman since December 2012. From March 2009 until September 2011, Dr. Almgren served as the Chief Executive Officer and President of International Battery, a manufacturer of lithium ion cells and batteries. Since May 2003, Dr. Almgren has also served as President of his consultant company, ORKAS Inc. From July 1998 to May 2003, Dr. Almgren served as Chief Executive Officer and President of Capstone Turbine Corp. Prior to his employment at Capstone, Dr. Almgren had a 26-year career at ASEA Brown Boveri Limited (ABB), a worldwide power solutions company, where he was President of several ABB companies, including ABB Power T&D Co., involved in electric transmission and distribution equipment and systems worldwide. Dr. Almgren also serves on the board of managers of PJM Interconnect LLC. Dr. Almgren holds a Ph.D. in Engineering from Linkopings Tekniska Hogskola in Sweden and a Masters of Mechanical Engineering from the Royal Institute of Technology in Stockholm, Sweden.
There are no family relationships between Dr. Almgren and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
The Company will reimburse Dr. Almgren for approved reasonable and customary out-of-pocket expenses incurred in connection with his service as interim President and Chief Executive Officer, including travel and lodging expenses. The Board has not yet determined whether Dr. Almgren will receive any additional compensation for serving as interim President and Chief Executive Officer.
(e)
The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(e).
| Item 7.01. | Regulation FD Disclosure. |
On July 9, 2013, the Company issued a press release announcing the management changes set forth in Item 5.02 of this Form 8-K. A copy of the Company’s press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1. Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
ACTIVE POWER, INC.
|
|
|
|
|
|
|
|
Date: July 9, 2013
|
By:
|
/s/ Steven R. Fife
|
|
|
|
|
Steven R. Fife
|
|
|
Chief Financial Officer
|
|||
EXHIBIT INDEX
|
Exhibit No.
|
Description
|
|
Press Release of Active Power, Inc. dated July 9, 2013.
|
Active Power Appoints Dr. Ake Almgren as
Interim President and CEO
AUSTIN, TX (July 9, 2013) – Active Power (NASDAQ: ACPW), manufacturer of uninterruptible power supply (UPS) systems and modular infrastructure solutions, today announced Dr. Ake Almgren, the company’s chairman of the board, will become the company’s interim president and CEO.
Dr. Almgren will succeed Doug Milner, who submitted his resignation as president and CEO effective July 29, 2013, and informed the company’s board he has accepted an offer to pursue a new opportunity. Milner also resigned from the company’s board of directors effective July 8, 2013.
"We are disappointed with Doug’s decision, but are confident we will identify a strong leader to succeed him,” said Dr. Ake Almgren, who will assume the role of interim president and CEO on July 29, 2013, effective upon Milner’s resignation.
Dr. Ake Almgren Executive Biography
Dr. Almgren, 67, has served as a member of the Active Power Board since March 2004 and as Chairman since December 2012. From March 2009 until September 2011, Dr. Almgren served as the Chief Executive Officer and President of International Battery, a manufacturer of lithium ion cells and batteries. Since May 2003, Dr. Almgren has also served as President of his consultant company, ORKAS Inc. From July 1998 to May 2003, Dr. Almgren served as Chief Executive Officer and President of Capstone Turbine Corp. Prior to his employment at Capstone, Dr. Almgren had a 26-year career at ASEA Brown Boveri Limited (ABB), a worldwide power solutions company, where he was President of several ABB companies, including ABB Power T&D Co., involved in electric transmission and distribution equipment and systems worldwide. Dr. Almgren also serves on the board of managers of PJM Interconnect LLC. Dr. Almgren holds a Ph.D. in Engineering from Linkopings Tekniska Hogskola in Sweden and a Masters of Mechanical Engineering from the Royal Institute of Technology in Stockholm, Sweden.
About Active Power
Founded in 1992, Active Power designs and manufactures uninterruptible power supply (UPS) systems and modular infrastructure solutions that enable data centers and other mission critical operations to remain 'on' 24 hours a day, seven days a week. The combined benefits of its products' power density, reliability, and total cost of ownership are unmatched in the market and enable the world's leading companies to achieve their most forward thinking data center designs. The company's products and solutions are built with pride in Austin, Texas, at a state-of-the-art, ISO 9001:2008 registered manufacturing and test facility. Global customers are served via Austin and three regional operations centers located in the United Kingdom, Germany, and China, supporting the deployment of systems in more than 50 countries. For more information, visit www.activepower.com.
Active Power and CleanSource are registered trademarks of Active Power, Inc. The Active Power logo and PowerHouse are trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies.
SOURCE: Active Power